Worthington Steel, Inc. $WS Position Increased by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Worthington Steel by 16.6% during the first quarter, now owning approximately 0.18% of the company worth about $2.34 million.
• Worthington Steel reported a quarterly earnings per share (EPS) of $1.05, exceeding analyst expectations of $0.83, despite an 8.6% decline in revenue compared to the previous year.
• The company also announced a quarterly dividend of $0.16 per share, representing an annual yield of 1.9% and a dividend payout ratio of 29.36%.

Russell Investments Group Ltd. grew its position in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) by 16.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 92,441 shares of the company's stock after acquiring an additional 13,135 shares during the quarter. Russell Investments Group Ltd. owned about 0.18% of Worthington Steel worth $2,342,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its position in shares of Worthington Steel by 2.0% in the first quarter. HighTower Advisors LLC now owns 30,812 shares of the company's stock worth $780,000 after buying an additional 618 shares during the period. Public Sector Pension Investment Board boosted its position in shares of Worthington Steel by 27.5% in the first quarter. Public Sector Pension Investment Board now owns 111,108 shares of the company's stock worth $2,814,000 after buying an additional 23,985 shares during the period. Nuveen LLC purchased a new stake in shares of Worthington Steel in the first quarter worth about $8,901,000. Invesco Ltd. boosted its position in shares of Worthington Steel by 33.0% in the first quarter. Invesco Ltd. now owns 208,333 shares of the company's stock worth $5,277,000 after buying an additional 51,700 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Worthington Steel by 37.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 455,942 shares of the company's stock worth $11,549,000 after buying an additional 125,062 shares during the period. 45.41% of the stock is currently owned by institutional investors and hedge funds.

Worthington Steel Stock Down 0.3%

NYSE:WS traded down $0.10 during trading hours on Friday, reaching $33.28. 151,253 shares of the stock were exchanged, compared to its average volume of 269,520. The firm has a 50 day simple moving average of $31.15 and a 200-day simple moving average of $27.78. Worthington Steel, Inc. has a 52 week low of $21.30 and a 52 week high of $47.19. The stock has a market capitalization of $1.69 billion, a P/E ratio of 15.27 and a beta of 1.87.

Worthington Steel (NYSE:WS - Get Free Report) last released its earnings results on Wednesday, June 25th. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.22. Worthington Steel had a return on equity of 9.43% and a net margin of 3.58%.The company had revenue of $832.90 million for the quarter, compared to the consensus estimate of $800.45 million. During the same quarter last year, the business posted $1.06 EPS. Worthington Steel's quarterly revenue was down 8.6% compared to the same quarter last year. As a group, analysts expect that Worthington Steel, Inc. will post 2.26 earnings per share for the current year.

Worthington Steel Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 12th. Worthington Steel's dividend payout ratio (DPR) is currently 29.36%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Worthington Steel from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $34.00.

About Worthington Steel

Worthington Steel, Inc operates as a steel processor in North America. It offers carbon flat-rolled steel and tailor welded blanks, as well as electrical steel laminations; and aluminum tailor welded blanks. The company serves various end-markets, including automotive, heavy truck, agriculture, construction, and energy.